The early retirement has a revove position and revoke date can be after the LR. Does this mean ER people do not get LR and can revoke after LR on Oct 7? anything i am missing.
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It’s not just age, you are in the same boat outside US, Canada, Mexico, Singapore and South Korea.
If you're not eligible due to age for the Cisco Elect Program (CEP) option like a lot of people on my team who started with Cisco directly out of college and have 20+ years with the company but are in their 40's, they're going to get screwed over if their job is "at risk".
Everyone who is still around after the people who accepted the CEP and left on Oct 5 and gets the Phase 1 Pre-notification that their job is at risk has the same three basic options that you mentioned, except it's simply the "Optional Choice Program" instead of "Enhanced OCP".
The questions that brings to mind are:
1) How much was the Cisco Elect Program worth?
2) How much is the Enhanced Optional Choice Program? Sounds like it's the same as the CEP according to the previously mentioned FAQ.
3) How much is the Optional Choice Program worth? I.e. how much are you losing due to being too young and not being eligible for the CEP/EOCP?
4) If you "Stay Put & Look" and then get LR'd, what is the standard package worth? I.e. how much are you risking by taking a chance to stay put and look?
I'm just a couple of years short of the magic age + years = 62 equation and can't take the CEP. While I might not have taken it if I was eligible, it's nice to know that on Oct 7th that when I receive my "At risk" notification that I would have been able to take the EOCP and race to the door. But since I'm not eligible, I don't know that I'd risk the OCP in favor of the standard package. I will say that having an exit date of Nov 23rd basically means that you're k–ling 5-6 weeks of severance package at a minimum because companies don't do a lot of hiring between Thanksgiving and New Year's in the US.
I would also guess being able to revoke provides some legal cover. Agreement is based on CA law and I know CA has some consumer ‘remorse’ clause requirements on purchase agreements.
It's rather complicated....from the FAQ:
If you do not take the Cisco Elect Program (CEP) option, and your role is impacted later, how do the package options compare? Is this my only shot at this package if I don't take CEP now?
If you are eligible and decline the CEP option and are subsequently notified that your role is at risk during Workforce Transition Options in October, here are the 3 paths and how they compare:
• Enhanced Optional Choice package: As someone who met the requirements for CEP, you would be eligible for the Enhanced Optional Choice Package (EOCP). The EOCP and CEP packages are financially equivalent.
• Step-out Leave: This is outlined by People & Communities and enables you to focus on non-profit work, education or family. Although separation benefits may be offered at the end of your leave or if an external opportunity is found prior to the end of your leave period, the package is not equivalent to the CEP package, financially speaking.
• Stay Put & Look: You may decide to remain in your current role and focus on finding new opportunities inside or outside of Cisco. If you have not found a new role within Cisco once the search period concludes, you would receive a separation package that would align financially to the standard package. This package would be less than the EOCP or CEP packages.
Summary - If you are eligible, opt in, then re-neg, then get caught up in the LR, you will be offered a financially equivalent severance per the above.
Or your manager will find a reason to put you on a PIP and you still end up out, with nothing.
another putz who didn’t read the fine print of the ER. if you revoke you are not guaranteed your role still exists (it won’t) and they owe you nada at that point..
essentially you have eliminated your job at csco for free.
Another LR can take place at anytime after the first one which is due on Oct. 7th. So if you revoke your ER, you might be taken down by the next LR in two weeks or a month down the road. There is no hiding place in Cisco.